Can the Fed pass Kevin Warsh’s trend test?

Federal Reserve Chairman Kevin Warsh has said that “trends matter most.” Wednesday’s quarter-point rate increase tests that standard. What trend tipped the decision now? August consumer inflation was 3.4% overall, while inflation excluding food and energy was 2.4%. Energy rose 16.3% over the year, and gasoline 27.4%. Gasoline alone produced more than one-third of the […]

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